A 328-unit multifamily community in Lyndhurst has sold, according to real estate firm JLL Capital Markets.
The Union at Lyndhurst is a Class A midrise community that was sold by Mesirow Institutional Real Estate Direct Investments to Pacific Urban Investors. Financial terms were not disclosed.
JLL marketed the property on behalf of the seller. The team was led by Jose Cruz, Michael Oliver, J.B. Bruno, Kevin O’Hearn and Steve Simonelli.
“We had great interest on Union at Lyndhurst, given its location and quality,” Cruz said in a prepared statement. “Investors liked the access to New York City specifically, as well as the lack of multifamily rentals in the immediate area. The demand from the institutional investor universe for high-quality multihousing in the New York area is accelerating going into the year-end.”
The Union, at 1301 Wall St. W., includes studio, one- and two-bedroom units averaging 1,007 square feet.